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Nidal Dhakir and Rasha Nadhir want to complete their compulsory Islamic pilgrimage – Haj – at age 45. They expect the trip will cost RM 30,000 in today’s dollars.
Solution using Detailed Objectives:
Use the drop menu to continue to the Objectives screen.
- Add a new objective by clicking on the Add button above the existing entries.
- In the Description field, enter an appropriate name
- In the drop-down menu beside Need For, choose Joint.
- In the Amount Per Year field simply enter the cost of the trip, which is $30,000.
- The From Year and To Year will both be the year they are age 45.
- The Index Rate can be set to the same inflation assumption that is shown on the Personal Information screen.
- The Need on Death field can be changed to 50%, since if either die, the other would still go.
- The Need on Disability would also be 100%.
- Select Defer with Retirement under the drop-down list beside Model As, since they will delay the start and end date of the goal until they retire.
- Click Save to return to the summary Objectives screen.